That's no good. I usually just want to be tagged in the photos I look good in, and out of a series of 50 wedding shots, those could be 2 or 3. So now I'll have to go untag myself in 47 auto-tagged photos.
Tag suggestions does not autotag photos. It does make it easier for people to tag photos that are already being uploaded. Many of these photos are actually already being tagged, albeit through a much more cumbersome experience.
We're not expecting a significant jump in the number of tags created, just a significant decrease in the time people spend tagging.
It's kind of like if Google developed working cold fusion and wrote a blog post titled "Making it easier to heat your home"